Hsbc Holdings PLC lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 88.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 711,633 shares of the utilities provider’s stock after purchasing an additional 333,486 shares during the period. Hsbc Holdings PLC’s holdings in Consolidated Edison were worth $67,537,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of ED. BlackRock Inc. increased its stake in Consolidated Edison by 20.1% in the 4th quarter. BlackRock Inc. now owns 45,413,132 shares of the utilities provider’s stock valued at $3,874,649,000 after purchasing an additional 7,590,978 shares in the last quarter. Vanguard Group Inc. increased its stake in Consolidated Edison by 18.0% in the 1st quarter. Vanguard Group Inc. now owns 41,690,313 shares of the utilities provider’s stock valued at $3,947,238,000 after purchasing an additional 6,349,773 shares in the last quarter. State Street Corp increased its stake in Consolidated Edison by 1.9% in the 4th quarter. State Street Corp now owns 27,364,618 shares of the utilities provider’s stock valued at $2,334,749,000 after purchasing an additional 505,539 shares in the last quarter. Geode Capital Management LLC increased its stake in Consolidated Edison by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 6,872,627 shares of the utilities provider’s stock valued at $585,421,000 after purchasing an additional 204,193 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Consolidated Edison by 2.7% in the 4th quarter. Legal & General Group Plc now owns 6,351,019 shares of the utilities provider’s stock valued at $541,869,000 after purchasing an additional 168,678 shares in the last quarter. 64.76% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently weighed in on the company. Mizuho dropped their price objective on Consolidated Edison from $100.00 to $99.00 and set a “buy” rating for the company in a research note on Monday, June 27th. Guggenheim upgraded Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 target price on the stock in a report on Monday, May 23rd. KeyCorp increased their target price on Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, July 19th. Credit Suisse Group increased their target price on Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Finally, Morgan Stanley increased their target price on Consolidated Edison from $77.00 to $84.00 and gave the company an “underweight” rating in a report on Tuesday, August 23rd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average target price of $86.00.
Consolidated Edison Price Performance
Consolidated Edison (NYSE:ED – Get Rating) last issued its earnings results on Thursday, August 4th. The utilities provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.09. Consolidated Edison had a return on equity of 7.83% and a net margin of 11.16%. During the same period in the previous year, the company earned $0.53 EPS. Equities research analysts expect that Consolidated Edison, Inc. will post 4.48 EPS for the current year.
Consolidated Edison Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Tuesday, August 16th. Consolidated Edison’s payout ratio is currently 69.15%.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,555 customers in parts of Manhattan.
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